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Episode #587 Trump Signs The Big Beautiful Bill: What This Means for Tax Planning

President Trump just signed the Big Beautiful Bill into law — and it’s packed with tax breaks for small business owners, real estate investors, and everyday entrepreneurs. In this episode, tax attorney Mark J. Kohler and attorney Mat Sorensen break down the most useful strategies you can implement right now to save big. Here’s what you’ll learn:

• How to leverage 100% bonus depreciation for real estate, vehicles, and business equipment
• Why the QBI (199A) deduction is now a permanent win for small business owners
• How to tap into Opportunity Zones for tax-free investing
• The truth about the new $40K SALT cap — and the workaround that still works in 36 states

Whether you're an entrepreneur, investor, or just want to pay less in taxes — this episode is your playbook.

Episode #579 Tax Hacks the Wealthy Use (Attorneys Break it Down)

In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen take on your toughest tax and business questions in an open forum style. From setting up the right business structure to handling a home office deduction the smart way, they give you the tips you wish your accountant and attorney actually explained.

It’s smart, fast-paced advice that real Main Street entrepreneurs can put into action. Here are some of the highlights:

• Mark and Mat discuss the benefits and drawbacks of not getting married and having a revocable living trust.
• Mat shares his experience of owning real estate with a partner without a revocable living trust, emphasizing the importance of a buy-sell agreement.
• Mark discusses the benefits of having an estate plan and provisions to take care of each other in case of death.
• The options of treating the rental income as a gift or claiming it as rental income and expenses.
• How an LLC allows for de minimis expense accounting, which can be beneficial for startups.
• Emphasize having a home office deduction to qualify for other business-related deductions.
• Importance of planning for the distribution of assets in a trust to minimize tax implications and ensure the beneficiaries' needs are met.
• The limitations of umbrella insurance and focusing on proper insurance and asset protection through LLCs.
• Advise being transparent with the spouse and choosing the right type of lawyer to minimize conflict and costs.

Episode #561 The Step-By-Step "Zero-Tax" Blueprint For Business Owners

In this episode of the Main Street Business Podcast, Mark J. Kohler shares the blueprint for tax-efficient business ownership. He explains why smart bookkeeping is key, how to leverage deductions, and when to transition from an LLC to an S corp for optimal tax savings.

• If you’re tired of overpaying the IRS, this episode is a must-listen! Here are some of the highlights:
• Mark explains what you take out of your business is not what you are taxed on, using a scenario where a business owner makes $60,000 but is only taxed on $50,000 due to write-offs.
• The evolution of a small business from a sole proprietorship to an LLC, and then to an S corporation once the business starts making significant income.
• Mark discusses the concept of having two sets of books: one for tracking income and expenses through the business account, and another for adding other expenses that may not have gone through the main account.
• The concept of phantom income, where business owners reinvest money back into the business and are still taxed on that amount.
• Strategies for minimizing phantom income, such as taking a portion of the reinvested money and depositing it with the IRS to cover expected taxes.
• How most small businesses should avoid the C corporation structure and stick with pass-through entities like LLCs or S corporations.
• The importance of tracking every expense related to the business, as these expenses can be significant tax write-offs.
• Mark advises business owners to involve family members in the business to take advantage of write-offs for supporting family financially.